What is help to buy?
There are two types of help to buy mortgages:
- 1. Help to buy equity loan scheme
- 2. Help to buy guarantee scheme
You do not need to be a first time buyer in order to use help to buy.
Help to buy equity loan scheme
How does the help to buy equity loan scheme work? : Equity loans are available to first time buyers as well as homeowners looking to move. The home you want to buy must be a new build property with a price tag of up to £600,000. The government will provide a deposit of between 15%-40% deposit depending on your geographical location. For example, help to buy London, the government help to buy scheme for London, will lend up to a 40% deposit but help to buy Scotland will lend up to 15% as a deposit.
Help to buy guarantee scheme
How does the help to buy guarantee scheme work? : A mortgage supported by the help to buy mortgage guarantee scheme works in exactly the same way as any other mortgage except that under the scheme the Government offers lenders the option to purchase a guarantee on mortgage loans.
Because of this support, lenders taking part are able to offer home buyers more high loan-to-value mortgages (80-95%).
You will still be fully responsible for your mortgage repayments. So if you have a 5% deposit, you will need to take out and pay back a 95% mortgage.
This can seem quite confusing which is why our specialist help to buy mortgage consultant team will take you through the process and make everything as clear as possible so you fully understand help to buy before proceeding further.
How to find out if you can get a help to buy mortgage
We recognise that everyone has different mortgage needs, but whatever your situation you will need a 5% deposit to take part in the Government help to buy schemes, whatever your location.
The help to buy scheme is offered by mortgage lenders across the UK. You can apply for a mortgage through a MortgageCube mortgage broker who will help you every step of the way. Your next step is the exciting bit, to find your new home and talk to our brokers at MortgageCube. If you are unsure if a property that you have seen is part of the help To buy scheme, then look out for the help to buy logo and give us a call on 01482 870668 and or request a call back and we can find out for you.
Help to buy mortgage broker advice
Here at MortgageCube, we provide expertise, advice and resources, including our dedicated help to buy team who cover the whole of the UK. We'll explain all of your options, including assistance finding out if you are eligible, helping you to fill in the correct forms to apply for help to buy and ultimately search the whole of the market to find you the best product available to secure your new dream home.
Our mortgage brokers guide you through the entire mortgage process, from start to finish. Our aim is to find you the best help to buy mortgage on the market, in the UK.
We take great pride in being recognised for our great service to all of our customers and our specialist mortgage brokers will make it a great experience for you.
Be aware that all residential mortgages are regulated by the Financial Conduct Authority, but rest assured that our advisers will help you understand what this means to you.
Are you looking for a help to buy mortgage agent?
If you are looking for a mortgage agent or advisor with low broker fees and you not only want to find out more about the help to buy process, but also want to find the best help to buy mortgages in the UK, call our advisers on 01482 870668 now or request a call back.